CUZ rises to highest close since November 4, 2008
Cousins Properties Incorporated (CUZ) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, CUZ ended the week 3.8% higher at 42.63 after gaining $0.34 (0.8%) today on low volume, outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 42.63 marks the highest recorded closing price since November 4, 2008.
Daily Candlestick Chart (CUZ as at Feb 14, 2020):
Friday's trading range has been $0.45 (1.06%), that's below the last trading month's daily average range of $0.59. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for CUZ.
One bullish candlestick pattern matches today's price action, the White Candle.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day although could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 41.42.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "52 Week High" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Cousins Properties. Out of 153 times, CUZ closed lower 48.37% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 56.86% with an average market move of -0.42%.